Nordstrom drops after earnings report

RussBritt

WilliamSpain

LOS ANGELES (CBS.MW) -- Shares of Nordstrom plunged in early trading Friday after the company's second-quarter earnings fell short of Wall Street estimates.

Nordstrom
JWN, +0.52%
was down $3.74, or 9.2 percent, to $36.82. After the close Thursday, Nordstrom
JWN, +0.52%
said that it earned $106.9 million, or 75 cents per share, in the period. That is up from $65.9 million and 48 cents of a year ago.

The company credited "ongoing improvement in merchandise execution, inventory management and expense control" along with an anniversary sale for the performance.

Looking ahead, Nordstrom said that it expects to earn 35 cents to 40 cents a share for the third quarter. For the full year the company expects to make between $2.46 and $2.50 a share, up form its previous hopes for $2.42 to $2.46 but below a Street estimate of $2.54.

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